Global Insurance Group Limited, Christopher Schofield, Andrew William Robert (2020-07-30)

Summary

This is a public enforcement statement issued by the Guernsey Financial Services Commission (GFSC) on 30 July 2020 concerning Global Insurance Group Limited (GIGL) and two of its former directors, Christopher Schofield and Andrew William Robert. It records financial penalties and a public statement made under the Financial Services Commission Law following findings that GIGL materially contravened the Insurance Business (Bailiwick of Guernsey) Law, 2002, and that all three parties failed to meet minimum licensing criteria.

• Penalties imposed: GIGL fined £42,000; Mr Schofield fined £17,500; Mr Robert fined £10,500 (each under section 11D of the Financial Services Commission Law), reduced by a 30% early settlement discount, plus a public statement under section 11C.
• Nature of failures: GIGL failed to adequately oversee functions outsourced to a UK intermediary, failed to maintain adequate liquidity and capital resources, breached solvency rules, and failed to file annual returns, accounts and audit reports for four consecutive financial years (2015 to 2018) within the required four month period.
• Director failures: Mr Schofield and Mr Robert, as directors, failed to implement effective systems of control over the outsourced Claims Fund and bordereaux reporting, and failed to adequately assess counterparty credit risk, breaching the fit and proper requirements under Schedule 7 of the Insurance Law.
• Current status: GIGL has ceased writing new insurance business and paid all known outstanding claims; the Commission is not aware of any policyholders left unpaid.

This notice is a historical enforcement record rather than a document creating new prospective obligations; it does not itself impose forward looking compliance requirements on other licensees, though it illustrates the Commission's expectations around outsourcing oversight, liquidity and solvency, and timely regulatory filings.

Applies to

general insurance licensees, insurers, directors of licensed insurers